NatWest and G4S are working on a trial of what they call the UK’s first intelligent cash management solution for businesses. Due later this year, it’s for automated account crediting of businesses’ cash transactions without having to deposit a day’s takings in their local bank branch. It’ll work like an on-site automated deposit system. When businesses deposit cash into the G4S device, the cash is validated and their accounts are credited daily. The cash is then securely held in the device until the Cash-in-Transit (CiT) courier visits. During the pilot, G4S will provide the equipment, software and services to those taking part.
The firms say the service will also offer validation of bank notes and forgery detection, consolidated end of day reporting across multiple sites, reduced losses due to administrative errors and fraud, and no more ‘cashing up’ at the end of the day
Alison Rose, CEO of Commercial and Private Banking at NatWest, said: “We’re committed to using technology to find innovative ways to improve efficiency and enhance our customers’ experience. The intelligent cash solution is an efficient, secure and cost effective way for cash reliant businesses to have access to that day’s takings without having to make a daily trip to their local branch, allowing them to spend more time on running their business.”
And Jesus Rosano, Divisional CEO G4S Global Cash Solutions, said: “Our innovative cash technology benefits thousands of businesses around the world by managing their daily cash flow and payments more securely and more efficiently. G4S welcomes this partnership with NatWest to bring these benefits to their customers, through the use of G4S technology and software. The payments landscape is changing and cash remains vital because choice of payment is important for consumers and citizens across society. G4S continues to invest in cash technology and to work with customers and payment institutions to improve the efficiency and ease of using cash.”
G4S points out that cash is still by far the most widely used form of payment in all regions of the world and cash in circulation is growing.
